TMI Blog2022 (11) TMI 402X X X X Extracts X X X X X X X X Extracts X X X X ..... the Financial Creditor's claim that the Corporate Debtor has indebted and defaulted the repayment of loan amount - upon appreciation of the documents placed on record to substantiate the claim, this Tribunal admits this petition and initiates CIRP on the Corporate Debtor with immediate effect. Petition admitted - moratorium declared. - IB-429/(ND)/2022 - - - Dated:- 21-10-2022 - P. S. N. Prasad , Member ( J ) And Rahul Bhatnagar , Member ( T ) For the Appellant : Palash Singhai For the Respondents : Lavish Jain ORDER P. S. N. Prasad , Member ( J ) 1. This is an application filed by M/s. Achiever Infratech Pvt. Ltd. to initiate corporate insolvency resolution process ( CIRP ) against M/s. Banyantree Infradevelopers Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code 2016 ( the Code ) for the alleged default on the part of the Respondent in settling an amount of Rs. 1,21,68,208/- (Rupees One Crore Twenty-One Lakhs Sixty-Eight Thousand Two Hundred and Eight Only) as on 30.03.2022. The details of transactions leading to the filing of this application as averred by the Applicant are as follows: That the Board of Respondent/Corporate Deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 (18 months from 30.03.2020 last date of disbursement of loan amount) vide its demand notice dated 02.04.2022 as well as 14.04.2022 apprised Corporate Debtor regarding its outstanding liability as per the MoU which became due and payable on 30.03.2022 and called upon the Corporate Debtor to immediately make payment towards its outstanding liability. That the Corporate Debtor miserably failed to adhere with the instructions issued vide demand letters dated 02.04.2022 and 12.04.2022 and committed a default in repayment of the debt. 2. Consequent to the notice issued by this Tribunal, the Respondent filed its reply in which the following contentions were made: That the Banyantree Infradevelopers Pvt. Ltd. (hereinafter the Corporate Debtor) is a company engaged in business of sand mining under the Companies Act, 2013. That in the instant case, on request of Respondent, the A.S. Infradevelopers Private Limited ( Original Lender ) between July' 2020 to Sep' 2020 had disbursed various credit facilities to the Corporate Debtor on account of MoU entered between the parties dated 22.06.2020. That the said MoU entered into by the Respondent and the Orig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the time of the filing of this reply to repay his outstanding dues that he owes to the Financial Creditor. 3. We have gone through the documents filed by both the parties and heard the arguments made by the counsels. The applicant has claimed the default on part of the Respondent for the Loan amount of Rs. 1,21,68,208/- (Rupees One Crore Twenty-One Lakhs Sixty-Eight Thousand Two Hundred and Eight Only) as on 30.03.2022. 4. Mere plain reading of the provision under section 7 of IBC and decision (supra) shows that in order to initiate CIRP under Section 7 the applicant is required to establish that there is a financial debt and that a default has been committed in respect of that financial debt. 5. Section 5(7) of IBC, 2016 defines Financial Creditor as any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to. Vide Deed of Assignment dated 30.09.2021 executed between the lender of the Corporate Debtor and the Applicant in this matter, the financial debt was assigned to the Applicant. 6. Vide daily order dated 22.07.2022, it has been noted that the Counsel for Corporate Debtor, as per the instruction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roposed Interim Resolution Professional Mr. Devendra Umrao has also submitted an Authorisation for Assignment dated 10.12.2021. 12. It is pertinent to mention here that the Code requires the adjudicating authority to only ascertain and record satisfaction in a summary adjudication as to the occurrence of default before admitting the application. The material on record clearly goes to show that respondent had availed the credit facilities and has committed default in repayment of the outstanding loan amount. 13. We are satisfied that the present application is complete in all respects and the applicant financial creditor is entitled to claim its outstanding financial debt from the corporate debtor and that there has been default in payment of the financial debt. 14. As a sequel to the above discussion and in terms of Section 7(5)(a) of the Code, the present application is admitted. 15. Mr. Devendra Umrao having registration number IBBI/IPA-003/IP-N-00223/2019-2020/12640 is appointed as an Interim Resolution Professional. 16. In pursuance of Section 13(2) of the Code, we direct that public announcement shall be made by the Interim Resolution Professional immediately ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m Resolution Professional as may be required by him in managing the day to day affairs of the 'Corporate Debtor'. In case there is any violation committed by the ex-management or any preferential/undervalued/tainted/illegal transaction by ex-directors or anyone else, the Interim Resolution Professional shall make an application to this Adjudicating Authority (Tribunal) with a prayer for passing an appropriate order. The Interim Resolution Professional shall be under duty to protect and preserve the value of the property of the 'Corporate Debtor' as a part of its obligation imposed by Section 20 of the Code and perform all his functions strictly in accordance with the provisions of the Code, Rules and Regulations. 20. The office is directed to communicate a copy of the order to the Financial Creditor, the Corporate Debtor, the Interim Resolution Professional and the Registrar of Companies, NCT of Delhi Haryana at the earliest possible but not later than seven days from today. The Registrar of Companies shall update its website by updating the status of 'Corporate Debtor' and specific mention regarding admission of this petition must be notified to the pu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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